(Reuters) -Copper smashed through its all-time high on Wednesday, spurred by fresh concerns over mine supply and hopes of a U.S.-China trade deal, but analysts questioned how much further the rally could run without a sustained pickup in demand.

Prices of copper, considered a bellwether for the global economy, have risen more than 27% so far this year, also helped by a weak dollar – which makes metals more affordable for holders of other currencies – and falling interest rates.

“The prospect of a trade deal between the U.S. and China has provided a fresh catalyst to copper’s rally,” said ING analyst Ewa Manthey, adding that the bank forecast a tighter copper market balance this year and in 2026, when – like many banks and brokers – ING envisages a deficit.

Miner and commodity trader Gle

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